In the middle of March, Bitcoin reached its all-time high (ATH) of $73,737 but was unable to sustain this peak and subsequently dropped from that level. Following the halving in April, Bitcoin entered a new phase, but its price performance since then has not reflected this change. However, recent days have shown signs of a revival, with the price of BTC surpassing $67,000 for the first time in about a month.
Will Bitcoin’s Price Rise?
A recent report by the well-known on-chain analysis firm Santiment suggests that the crypto community’s interest has shifted towards Bitcoin after its price exceeded $67,000. This statement by Santiment is based on the Weighted Sentiment metric, which generally indicates the positive or negative sentiment surrounding a cryptocurrency.
The Weighted Sentiment metric consists of two sub-metrics: sentiment value and social volume. The sentiment value metric evaluates whether the community has positive or negative views about the cryptocurrency being assessed, while social volume measures the total mentions of the asset on social media. The Weighted Sentiment indicator is derived from both the sentiment value and social volume. When there is a high social volume and a significant average sentiment (either positive or negative), notable changes in the metric are observed.
According to Santiment’s analysis, Bitcoin’s weighted sentiment has reached its highest value since January following the recent price increase. This level of sentiment was last seen after the Securities and Exchange Commission approved BTC spot ETFs in the United States.
It is worth noting that Bitcoin is not the only cryptocurrency among the top 20 with positive sentiment today. Data provided by Santiment reveals that the Chainlink (LINK) token, which has seen a 20% increase in value over the past week, has shown a consistently upward trend over the past year.
What is Bitcoin’s Price?
As of now, Bitcoin is trading at $67,000, representing a roughly 0.10% increase. Over the past 7 days, BTC has experienced a 10% rise in price.
Bitcoin’s market cap remains above $1.3 billion, while the 24-hour trading volume stands at $17 billion after a 40% drop.
Meanwhile, Chainlink (LINK), which is closely associated with Bitcoin, is trading at $16.29 after a 0.72% increase. Chainlink’s market cap has risen above $9 billion, while its 24-hour trading volume has decreased to $461 million by 62%, indicating a decline in investor interest.
Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry a significant level of risk. It is recommended that investors conduct their own research.
